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HomeMy WebLinkAbout2559 .ae- r 11 , 1• That rn order to motect more fully the security of this matpape the Mortgagor together wife and .n addition 10 ine monihty payments node: iris terms of the twit. secured Mreby. on the spfKrhed payment data o) oath rnpnth untJ the sa+d note is lofty paid wr0 pay to ine Assa:.ation the fuuow~ny sums lal An mstalfinent M tM Uses and assessments Ivied a to be levied against the wemises covered by tMS mortgage and an mstaument of the wemrum a wemrums that well become dW and payable t0 reMw tM inwgrKe on the premises covered hereby ay~init toss by lue. and w,rWStorm as Wowded • fp py paragraph 3 peCedrnp. a such oll+er hazard es may tNSOnabfy De re0urred by. the Association. and an initdUmM' of the premium lost will become dw and payabN to renew tM matpape inwUBCe. d any Such msUUments shau be canal respecuvefy. to one-ewetith 11; f 2;M of pre es timated pemrum a premwms for such inwranCe. and Uaes and assessments neat due less estimated by the Assfxuuon) less elf msUffiner•ts already paid [herefOr. divded Dy the number o! monlAt tilat are t0 elapse or.e month error to the date when such pre•r.+um n (HemiumS and take3 and assssSmentf well beeonte de4nQtrent The Association. while applying such payments to insurance premwms. U¦es Ind asaesimentS. tarere the Same become dehnpwnt- shall not pay mUrest to [M Matpagor on such funds and atf Such payments may be convn.ny!e0 Gy fM• assoaatgn w+fn any other such furls a wrM ds own /urrds TM funds era pledged ss adddional seCUnty for the sums xcured by this P;!orrg.ae amt are suf.,kt to use Oy the Assocurwn in payment o/ IaU eharpei and bank cdfectan chs•ges Ibl AI: payments mentioned m the WeCedinp subsection of this paragraph and all payments to be made under the note secured frerehy Shelf tx added together and the aggregate amount thereof shall be gild by the Matpapa each month rn a s~nyte payment t0 be apptred by the As•Jocrat~on to the r Idfowrrtg items in the order set lorth 1 Taxes. assessments. and insurance premiums 2 late charges and bank couecuor U,arges unless paid manner provided m paragraph 4 Iaf 3. Ingrest on the rwte secured hereby 4 Amortitation of the prinCrpaf of card *wte Any deficiwnCy m the amount of wch aggregate monthly payments shall urdeu pa,d by the Matgagp prier to the clue dafe of the neat such payment. roe suture an event d default under the mortgage Without waiver of anyr right. the Association may collect a late charye as prOVidert in the Note g That d the total of the payments made by the Matpapa under la) of paragraph 4 pecedrng shall exceed the amount of traymentS acruany made by the Association for caeca and assessments and inwrancs premiums. as the cisev++ay De. such excess shall be cred+ted by the Assocrafron on subseyuen[ payments ro be made by tM Mortgagor If, however, the monthly payments made by tM Matpagor under is) of paragraph 4 preceding snap trot have bean wHrcrenf to par taxes and assessments and rnwrsnce premrumt. as the case may ba. wl+en the same shall become due and Ddyable then the Association may at its op- 1qn rmmediateffr pay SUCK lalef and aSSeSSmeM3 and rnSUranCe prem+um and the MOrtgagW shall pay to the Assoc+dhOn any amount necessary t0 make up the defic,anctir, and wch paymMt shag W clue and payable victim [holy 1301 days after the date of ma,hng of nonce by the Assoc+ation setting forth the amount of such defrciar,cy I( at any time. the Mortgagor shat) tender to the Associatifx,. m accordance with the wovrsions Of the note secured hereby. full payment of the enure ,ndebtedness represented Mreby. the Assoaatron shall, ,n compuunp tea amount of such +ndebfedness trade to fee accoum of the Mortgagor any halance remaim•yg iH the funds accumulated under the provrsior,S o! lal 01 paragraph 4 6 io Dermrt. Commit W suHar n0 waste. impairment Or dlterrpration O} said property. Or any earl LhereO}, and upon the fedora of the Mortgagor to keep fHe - burklingS On Said p01>e<ty in ggod COndrtiOn M repair and mainlertanCe. the ASSOCratrOn may demand proper maintenance and fete immediate repair of said budd.ngs. M an rnCreaSe m the mount Of seCUrriy W the rmmedUle repaymlOL of the tlebt hereby secured ar,d the lade'o Of the MO!lgagort0 comply wAh sad demand of the Association for s parted of thirty 130! days shall constitute s beach of this mortgage. and at the option of the Association. immedratefy • mature the enure amount of prirtl:rpal and interest hereby secured. and the Asstxratron immediately and without nonce may institute proceedings to forecfox ' fors mortgage and apply to the appantmsnt o/ s receiver. as herewiter provided. and m tax of the refusal neglect or +nab+hty o1 the Mortgagor to reDsu and maintain card property. the Association may. a[ its opton. make such repiirs or cause the same to De made. and advance moneys in that behalf 7 T~ perform. comply with and able by each and every the supulatiorts. agreements. condruons try covenants m said promissory note and this n,ortgape xt forth 8 TO Comply Wlth the wbdMSion reShiCLiOnS and the mUnrCipil IOnrng OrdrOanCeS applKable t0 fh! mortgaged property. n0T t0 erect Or patine to t>e lreCtM any new buildings on the premises herein mortgaged or to add to a permit to be added to. make o+ permit t0 be made. any structural alterations to any of the ea- isur,g rn.,povements thereon without the wntten cOnxnt of the ASSOCiatiOn, and m the event of any viofat+on or attempt to violate thex stputatons. or any of them. this mor[gagC and all sums secured hereby shall rmfnediatllY DECpme dire and payaDfe a1 Ir,e Option O! ine ASfroclatipn g That in case of a default in any of the terms of tMS mortpspe end the filing of a bill to foreclose this or any other mortgage encumbering the within descr+bed property. fete AsSOCiatan sha0 be entitled t0 apply- at iriyr time yYrthOUt rtodte pending Stith fp/ecfpwfe SWt. t0 the COUrf having iWiSdiCUOn thereof for the ap- pointment of a receiver of all and Srr,gUfar the mortgaged property. and o} alt the reins. incomes profits. issues and revenues thereof from whatsoever source derived and. tttereupOn. •t is hereby eawessty covenanted and agreed that the court shah lortnwrth appoint a receiver of Bard mortgaged property. au and s~ngutar and of such rents. incomes. profits. issues and revenues thereof. from whatsoever source derived with the usual power and dunes of receivers in tike cases. and such appantrnent shall be made Dy such court as a matter o) strict right to the Association and without reference to the adepuacy or rnadeQuacY o! the value of th! poperty hereby mOrtpaped. W t0 Ina Splventy Or msofveOCy Of th! Mortgagor. and that such rants DtORts incomes. issues. and revenues shalt be app[red by such receiver t0 the psYment o/ the mortgage indebtedness costs and charges according to the order of such Court 1 O That +n the even! the wemrSeS hereby mortgaged. Or any part therep}, shat! be Condemned and taken under tea power of eminent domain. the Association shall have the rpht to demand that all damages awarded for the tskir,g of or injury to said premises seal: be pa~0 to the Associat+on +ts successors o• assigns. uD to the amount thM unpaid On th+5 mortgage. and may be applied to any wins fast payable hereunder 1 1 Thdt time ec Of the esxnCe Of this COntfat[ and that rip waiver Of any obligation hereurWer, Or of the Ob~~ydUOn seCUreO hereby shdli di dry Line thereafter be heM to be a waver of the terms hereof or of the womrssory note xcured Hereby - 12 !n the event of Hey default en any Of the terms of this mortgage. or m the rota xcured hereby and acce~eration b, the voider O• dry oiner s•[uahon that would caux the interest paid or Payable under this Ob},pation to exceed the interest rate autharred by law then m such event ar: a¦cess interest thererofore paid shalt t•e c.edited t0 principal and a'r accrued and unpaid E.Cass interest Sha!f abate and shag n0I be dr'. ob'.gdl+a' Or the makes Or Of any Other {~rspr. ' 13 Tnar to the e¦tent of the indebtedness of the Mortpappr to the Assocratan described herein or xcured hereby. the Association +s hereby s.,brogated to the Lien Or hens and t0 the nghis Of the Owner and Molder thefepl O} NCh and every mortgage. hen Or 01her enCUmbrdnCe On [he land det:Cnbed herein, which i5 Da+d ar+d safrshed m while es m part. out of the proceeds of the loan described harem or secured hereby and the respective bens of said rt,ortgages hens or other en cumbrances. shall fx. and the same and esth of them hereby is preservt!d and shat: pass to and be held by the Association herein as security iw the m debtedness to the AssoCra[ron herein described or hereby secured. to the same extent that rt would nave been weserved and would have been Dassed to and been herd by the Association had d been duly and regularly assigned. transferred xt over and debvered unto the Aswciabon by xparate deed of assignment notwrthsfanding the bet that the same msY b! saushed and CanCHlled Of feCOrd it be+ng the intCnhon of the parties hereto that the same w.n be satrshed and sancetled of record Dy the holders thereof at or about ine time of the recording of this mortgage 14 That A any Of the sums of money herein referred t0 b! not promptly and fully paid witCin ih.rty 1301 days neat after the same xverai:y become due and payable or d each and every the stipulations. agreements. condruons and covenants of card promissory note and the mortgage or e+the: are not duty performed coin plied with and abided Dy. the aggregate sum unpaid under card promissory note and this mortgage she!. become due aril payable forthwith o• thereafter at the _ I; option of the Assocratron as fully and completely 85 d card aggregate sum of money were ongmauY supufated to be pa+d on suer, der anytmng rn said I ;;romrssorY note w herein to the contrary notwntnstandmp i 15 Tnar rn order to scceteratc the matuntr of the indebtedness hereby secured blCaux of the buure of the Mo•fgagor to eav ar.y ta. assessment hab.!rty ob'iga nor• or encumbran;,e upon said property as herein provided rt shalt not be necessary nor reguis~te that the AssOUat,en sties first pay Ire same 16 .That the abstract or abSVdCtS of Ltle COVennp the mortgaged property shall at all times during the bfe of this r•:Ortgage rema:r: :n the Dossess+on of ter Assouahon and. m event of the foredowre of this mortgage. or other uansfer pf retie to the mortgaged property in Pate^ywshment o+ the indebtedness secwed hereby. all right. tide and irtereSt of the Mortgagor m and t0 any SUCK abstracts of tale steal! pass t0 the DWChaxr Or grdnt¢e 17 Shou-sd Ire validity or Hen Of this mortgage or the note secured thereby. be contested try bngal:on O' Otherwise the Morsyayor agrees to pay to the Association. the cost of defending the same including s reasonable attorneys fee 18 To pay all and singular the costs. charges and e¦penxs. indudiny attorney s fees reasonably mu,ned or paid at env rime Hv UrP Asstrr+atinn becaux of the faih,re of the Mortgagor to perform, comply with and abide by each and every Me stpulations agreements rond.t.ons and covenants of sa+d promissory note and the mortgage. w either. and every such (except for the payment of the monthly inctaL'ment as iegwred by the Vrom~ssory yotei sea!! near :merest from date at the rate of eighteen per cent (1841 per annum until lolly yard 19 The Assoc+ation shaft have the right at any time and from Line t0 time and wrtfrout notice t0 or conxrt of any person to rat re~ease any portion of the premixs from the hen of this mortgage. Ibl release any person haute for payment of any indebtedness secured hereby la extend the tine of payment or aher the terms of Dayment of all a any part of the indebtedness. Withput aHeCLr,p Or rellaSrnp the PerSOnai hdb~bty 02 any person Lable loftier Ihdn dr+Y pers0r~ reiedsed pur- suant neretof for the payment of any sum a interest secured hereby and without m env wise altering va•r~ng e• d~rr++nisn•ng the faces effects or f,en of tors mortgage On aft the premises ndt Speaficaliy released from the ben of this mortgage DY the Assoc+ation 20 Any agreement hereafter made by Mortgagor and ASSOCraLOn pursuant to this mortgage shat! be suDer•or to the r+ghts o} the no!der of am; mterven:ny hen or onCUrn.Mante 21 Lrpor..eguest o! Mortgagor. the Association may. at ns sofa option from time to time before fu!r Vaymem of au +ndebtedness secured Hereby make further ad- yentas to Mortgagor. provided. However. that the total winupa~ secured hereby and remain.rtg unpaid Inc:udmg any wen advances sea!! not at any time e¦ s teed the ong~nal principal sum secured Hereby Mortpspor shalt pay~afi such further advances wrtn interest and [he same shau be secured Hereby An wov~sions Or this mortgage shall apply t0 each further advance as well as to alt other indebtedness xcured hereby Nothing herein conta••,ed however she!! hmrt the amount secured by this mortgage d such amount rs +ncreaxd by advances made Dy the Assx.atiun as herein elsewhere Drov~ded for to protect the security 22 In the event the Mortgagor herein, or any wbxguenf Mortgages. or any person or cor{xiranon owning any interest whatsoever should encumber the property } herein mortgaged by an instrument commonly refereed to and known as a wrapa•ourxf mortgage ~ without f~rst nhtarnmrt'he wntten cnnsen; Of the Associa f# non then at the option Of the Association. the ob'+gat+on secured by th~c MrotyaG^ she!' ~mmerharoty n.•r;ome due arrr} Dayat>te 23 To provido the 4ssociation with Flood Inswance Coverage i} the tea! Droperty is now Or hereafter deter mired to de w•thm a speual f:rxxf hazard area as shown on Flood Harard Boundary MapiFlood Insurance Rafe Map as puM~snpd Hy the Ferterai bsu.anco Admin+ctrai~nn 24 At the request of the Mortgage. tM AssOtiatiOn agrees to wove the provrsiOns of paragraph 4 relative to the creation of a hazard ipwrance account. gpvrded ' however that fha Association retains fns right. aL its Option to re-instate such provisrpnS of Said paragraph 4 as an Ob:rgaLOn Of [tie N1Drtgages Hereunder upon the nappernrrg o1 any of the /olbwinp A Failure to make any psYment repuired under the [elms of the note on or before the due date thereof 6 Failure to comply with tl,e inwrencs provisions of pegpraph 3. or of any of the other terms and conditions o/ this mortgage or note es with the insurance I regwrements cpntained in the OeCleraLOn of CprWomimum and related documents should the moagaged property De committed t0 condominwm ~ ~ development ICI-M-Z6 _ ' T/P-A nltiK',~~7 Y~GE~~7 ` MLCA 47